Resource spend 'like Apollo': Ferguson

The record $268.4 billion committed to investment in local resource and energy projects is comparable to the cost of the Apollo space program, Resources Minister Martin Ferguson says.

He was commenting on Bureau of Resources and Energy Economics (BREE) data which showed an additional $13.2 billion of projects had reached the committed stage in the six months to October.

The record total investment consists of 87 projects which have reached the final investment decision stage and include 51 minerals projects, 18 gas and petroleum projects and 18 infrastructure projects.

"Mega projects which cost more than $5 billion continue to be the principal driver of the record level of investment in the resources and energy sectors," BREE executive director and chief economist Professor Quentin Grafton said.

There are 11 mega projects accounting for $201 billion, or 76 per cent, of total committed investment. Most are LNG projects located in the Pilbara or around Gladstone in Queensland.

Mr Ferguson said the report confirmed the resources industry had many years of impressive activity ahead it, and even though commodity prices have recently fallen, there was still a solid pipeline of potential investment.

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"To put Australia's investment in oil and gas in perspective, the total committed expenditure on these projects is comparable to the cost of the Apollo Moon program in today's prices," he said.

Even so, Mr Ferguson said the resources sector was entering a "challenging phase".

"In the face of lower commodity prices, the delivery of this pipeline of projects is contingent on keeping production costs down, providing access to skilled labour and increasing our productivity and efficiency," he said.

The number of projects at the committed stage of the investment pipeline has declined by 11 since April 2012 release because of completions, Professor Grafton said.

Declines in most commodities prices, driven by a drop-off in demand from China, has caught many by surprise and forced miners - from the world's largest, BHP Billiton, down to the smallest - to review their investment plans.

The commodities rout has thrust Australia into a debate over whether the mining boom is over and can no longer be relied on to create jobs, power growth and raise tax revenue in a $1.4 trillion economy that has gone 21 years without a recession.

Miners concede the days of ever-rising prices, which in the past eight years earned them record profits and prompted $70 billion of Australian investment, look to be over.

"Looking forward, any substantial net increase to the dollar value of committed projects will require either cost increases to larger, existing projects and/or a new final investment decision on a large project within the coming year," Professor Grafton said.